Finding Text
Material Adjustment to Fund Balance and Net Position
Condition: The District audit resulted in a material restatement to fund balance/net position that was
detected by auditing procedures.
Criteria: The District is required to follow generally accepted accounting principles and a reporting fund
structure as promulgated by the Governmental Accounting Standards Board and the State of Wisconsin
Department of Public Instruction. Audit procedures detected adjustments necessary in order for the
District’s financial statements to be aligned with these standards.
Cause: The District audit resulted in a material restatement to fund balance/net position that was detected
by auditing procedures to reclassify a fund type/activity and properly record unamortized premium related
to debt previously issued by the District.
Effect: The District’s financial statements were adjusted materially as a result of audit procedures.
Recommendation: It is recommended that the District continue to monitor and update its financial data
based on changes to standards issued by agencies and organizations governing the District and its financial
procedures.